Grantham Mayo Van Otterloo & Co. LLC Has $22.45 Million Holdings in Best Buy Co., Inc. (NYSE:BBY)

Grantham Mayo Van Otterloo & Co. LLC boosted its stake in Best Buy Co., Inc. (NYSE:BBYGet Rating) by 24.0% in the second quarter, Holdings Channel reports. The firm owned 344,300 shares of the technology retailer’s stock after purchasing an additional 66,700 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Best Buy were worth $22,445,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BBY. Capital World Investors acquired a new position in Best Buy in the first quarter valued at about $99,081,000. Deutsche Bank AG raised its stake in Best Buy by 46.5% in the second quarter. Deutsche Bank AG now owns 1,621,004 shares of the technology retailer’s stock valued at $105,674,000 after purchasing an additional 514,856 shares in the last quarter. First Trust Advisors LP raised its stake in Best Buy by 21.7% in the first quarter. First Trust Advisors LP now owns 2,359,623 shares of the technology retailer’s stock valued at $214,490,000 after purchasing an additional 420,134 shares in the last quarter. Invesco Ltd. raised its stake in Best Buy by 24.6% in the first quarter. Invesco Ltd. now owns 2,108,275 shares of the technology retailer’s stock valued at $191,643,000 after purchasing an additional 416,531 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in Best Buy by 58.7% in the first quarter. Victory Capital Management Inc. now owns 868,739 shares of the technology retailer’s stock valued at $78,126,000 after purchasing an additional 321,332 shares in the last quarter. Institutional investors and hedge funds own 79.86% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on BBY. Guggenheim lowered their target price on Best Buy from $100.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, August 1st. Truist Financial upped their price objective on Best Buy from $69.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday. Telsey Advisory Group upped their target price on Best Buy from $82.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday. DA Davidson reduced their target price on Best Buy from $110.00 to $99.00 and set a “buy” rating on the stock in a report on Wednesday, August 31st. Finally, UBS Group reduced their target price on Best Buy from $80.00 to $76.00 and set a “neutral” rating on the stock in a report on Thursday, July 28th. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $80.75.

Insider Transactions at Best Buy

In other news, EVP Kathleen Scarlett sold 25,071 shares of the company’s stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $72.37, for a total transaction of $1,814,388.27. Following the transaction, the executive vice president now directly owns 50,101 shares of the company’s stock, valued at $3,625,809.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Kathleen Scarlett sold 25,071 shares of the company’s stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $72.37, for a total transaction of $1,814,388.27. Following the transaction, the executive vice president now directly owns 50,101 shares of the company’s stock, valued at $3,625,809.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Damien Harmon sold 1,308 shares of the company’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $76.58, for a total value of $100,166.64. Following the transaction, the executive vice president now directly owns 44,910 shares in the company, valued at $3,439,207.80. The disclosure for this sale can be found here. Insiders have sold 26,533 shares of company stock valued at $1,925,382 over the last ninety days. 0.44% of the stock is owned by company insiders.

Best Buy Price Performance

Best Buy stock opened at $82.39 on Thursday. The stock has a market capitalization of $18.55 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 0.73 and a beta of 1.46. Best Buy Co., Inc. has a 52-week low of $60.78 and a 52-week high of $121.87. The stock’s 50 day moving average price is $68.00 and its two-hundred day moving average price is $73.04. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.27 and a current ratio of 0.98.

Best Buy (NYSE:BBYGet Rating) last issued its earnings results on Tuesday, November 22nd. The technology retailer reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.35. Best Buy had a return on equity of 57.26% and a net margin of 3.23%. The company had revenue of $10.59 billion for the quarter, compared to analyst estimates of $10.30 billion. During the same period in the prior year, the firm earned $2.08 earnings per share. Best Buy’s revenue for the quarter was down 11.1% on a year-over-year basis. On average, equities analysts predict that Best Buy Co., Inc. will post 6.2 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Tuesday, December 13th will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.27%. The ex-dividend date of this dividend is Monday, December 12th. Best Buy’s payout ratio is 52.69%.

Best Buy Company Profile

(Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness, home theater, portable audio comprising headphones and portable speakers, and smart home products.

Further Reading

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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